The Quinn Group | The Quintessential Brief

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March 2009	Accounting	Reduce the Risk of you business being Audited
	Accounting	Do you have an FBT liability this year?
	Legal	Hints to get you through tough economic times
	Legal	Land Tax and Duties Update
	From the Desk	From the Principal, Michael Quinn
	Important Dates	The Quinns Christmas Break
	At Quinns...	Dates to remember this quarter
	Client Spotlight	Appserve Pty Ltd

Do you have and FBT liability this year?

Many people believe that if their business or company is failing, insolvency via administration, liquidation or receivership is the only way to go.

The Fringe Benefits Tax (FBT) year ends on 31 March. Payment of any necessary FBT is due by 21 May and eligible benefits that are paid must be recorded on employees’ payments summary for the income year ending 30 June of the same year.

FBT is a tax paid by employers on the value of certain benefits that have been provided to their employees or employees’ associates in relation to their employment. These benefits or ‘payments’ are considered separately to salary or wages.

As a business owner, it is your responsibility (in association with your accountant) to determine whether you have provided fringe benefits to your employees during the course of the FBT year, and consequently, whether you are liable to pay FBT on those benefits.

The questions below can help you to determine whether you may have an FBT liability.

In the FBT year, since 1 April 2008 have you:

made car or other vehicles owned or leased by the business available to employees for private use
provided loans at reduced interest rates to employees
released an employee from an owed debt?
paid for, or reimbursed, a non-business expense incurred by an employee?
provided a house or unit of accommodation to your employees?
provided employees with living-away-from-home allowances?
provided entertainment by the way of food, drink or recreation to your employees?
put in place a salary package arrangement for any employees? Or had any employees on existing salary package arrangements?
provided your employees with goods at a lower price than they are normally sold to the public?

If you have answered yes to any of the above questions you may be liable for the payment of FBT.

If you have any questions or would like further advice in relation to your business’ FBT liabilities contact The Quinn Group on 1300 QUINNS or click here to submit an online enquiry.

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Disclaimer: The contents of this document titled “The Quintessential Brief” (the ‘Material’) are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.